Pinnacle Peak Commerceplex
James DuMars, SVP and managing director of NorthMarq’s Phoenix regional office, and Michael Elmore, SVP and managing director of NorthMarq’s Los Angeles office, arranged first mortgage refinancing of $17.15 million for Pinnacle Peak Commerceplex I, a 302,254 sq. ft. warehouse distribution property located in Phoenix, Arizona. Financing was based on a 10-year term and a 27-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“The lender was flexible in providing the borrower with a very low loan spread and substantial cash flow for reinvestment from loan proceeds,” DuMars and Elmore said.
